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Problem 8-25 (Algo) Cash Budget with Supporting Schedules: Changing Assumptions (LO8-2, LO8-4 LO8-8) Garden Sales, Incorporated, sells garden supplies Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter a Budgeted monthly absorption costing income statements for April-July are Anel 10,000 136.000 5 1.010,000 207.000 303.000 June 1460,000 1122000 10 avy $ 300,000 NO 100.00 Sales Cost of goods told Gross margin Selling and administrative expenses Se pense Administrative expense" Total selling and administrative expenses it operating income "includes $18.000 of depreciation each month 36.000 4000 93.000 4000 30,00 1.0.000 90,000 5260 15 149.400 57.000 35.600 D 545,400 $ 38,000 b. Sales are 20% for cash and 80% on account Soles on account are collected over a three month period with 10 collected in the month of sale, 70% collected in the first month following the month of sale, and the remaining 20% collected in the second month following the month of sale February's sales totaled $175.000, and March's sales totaled $230,000 d Inventory purchases are paid for within 15 days. Therefore 50% of a month's inventory purchases are paid for in the month of purchase. The remaining 50% ispald in the following month Accounts payable at March 31 for inventory purchases during March total 598,000 Each month's ending inventory must equal 20% of the cost of the merchandise to be sold in the following month. The merchandise Inventory at March is 567 200 Dividends of $25000 wel be declared and pad in April April 5450.000 336.000 144,000 May $ 1.010,000 207.000 3030DD June $1$60,000 322,000 125.000 July $ 350,000 252.000 108.000 Sales Cost of goods sold Gross margin Selling and administrative expenses! Selling expense Administrative expense" Total selling and administrative expenses Net operating income includes $18,000 of depreciation each month 93,000 43, eee 136.000 $ 3,000 96,000 57,600 153.000 $ 149,400 57.000 25,00 92.00 $ 45,480 36,000 34,000 70,000 $ 38,000 b Sales are 20% for cash and 80% on account. Sales on account are collected over a three month period with 10% collected in the month of sale, 70% collected in the first month following the month of sale and the remaining 20% collected in the second month following the month of sale. February's sales totaled $175,000, and March's sales totaled $230,000, Inventory purchases are paid for within 15 days Therefore, 50% of a month's inventory purchases are paid for in the month of purchase. The remaining 50% is paid in the following month Accounts payable at March 31 for inventory purchases during March total $98.000 e Each montlys ending inventory must equal 20% of the cost of the merchandise to be sold in the following month. The merchandise inventory at March 31 567 200 Dividends of 526000 will be declared and paid in April g Land conting $34.000 will be purchased for cash in May n. The cash balance at March 31 $48.000, the company must maintain a cash balance of at least $40.000 at the end of each month The company has an agreement with a local bank that allows the company to borrow in increments of S1000 at the beginning of each month up to a total loan balance of $200,000. The interest rate on these loans is 16 per month and for simplicity we will assume that interest is not compounded. The company would as far as it is able repay the loan plus accumulated interest at the end of the que The company's president is interested in knowing how reducing inventory level and collecting accounts receivable sooner wel met the cash budget. He revises the cash collection and ending inventory assomptions as fotos 2 end of the quarter The company's president is interested in knowing how reducing inventory levels and collecting accounts receivable sooner will impact the cash budget. He revises the cash collection and ending inventory assumptions as follows: a Sales continue to be 20% for cash and 80% on credit. However, credit sales from April, May, and June are collected over a three month period with 25% collected in the month of sale, 65% collected in the month following sold and 10% in the second month following sale Credit sales from February and March are collected during the second quarter using the collection percentages specified in the main section b. The company maintains its ending inventory levels for April May, and June at 15% of the cost of merchandise to be sold in the following month The merchandise inventory at March 31 remainis $67200 and accounts payable for inventory purchases at March 3t remains $98,000 and for Required: 1 Using the president's new assumptions in ca) above, prepare a schedule of expected cash collections for April, May, and the quarter in total 2. Using the president's new assumptions in (s) above, prepare the following for merchandise inventory A merchandise purchases budget for April May, and June b. A schedule of expected cash disbursements for merchandise purchases for April May, and June and for the quarter in total a Urung the president's new assumptions, prepare a cash budget for Apr May, and June and for the quarter in total Complete this question by entering your answers in the tobs below. Rued 1 Required 2A Required 28 Required using the president's new assumptions in (a) above, prepare a schedule of expected cash collections for April May, and June and for the quarter in total Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3 Using the president's new assumptions in (a) above, prepare a schedule of expected cash collections for April, May, and June and for the quarter in total. Schedule of Expected Cash Collections April May June Quarter $ Cash sales 0 0 0 0 Sales on account February March April May June Total cash collections 0 0 $ 05 0 S 0 S 0 Required 2A > Complete this question by entering your answers in the tabs below. w Required 1 Required 2A Required 28 Required 3 Using the president's new assumptions in (b) above, prepare the following for merchandise inventory, am purchases budget for April, May, and June. Merchandise Purchases Budget April May June Total needs 0 0 Required inventory purchases $ 0 $ 0 $ 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2A Requirla 28 Required 3 Using the president's new assumptions in (b) above, prepare the following for merchandise inventory, a schedule of expected cash disbursements for merchandise purchases for April, May, and June and for the quarter in total. Schedule of Expected Cash Disbursements for Merchandise Purchases April June May Quarter $ 0 0 April purchases May purchases June purchases Total cash disbursements 0 0 0 $ 05 05 0 s Required 1 Required 2A Required 28 Required 3 Using the president's new assumptions, prepare a cash budget for April, May, and June, and for the quarter in total. (Cash deficiency repayments and interest should be indicated by a minus sign.) Garden Sales, Incorporated Cash Budget For the Quarter Ended June 30 April May June Quarter Beginning cash balance Add collections from customers Total cash available 0 0 0 Less cash disbursements Purchases for inventory Selling expenses Administrative expenses Land purchases Dividends paid Total cash disbursements 0 0 0 0 0 0 0 0 Excess deficiency of cash available over disbursements 0 Financing Borrowings Repayment Interest Total financing Ending cash balance 0 0 $ 0$ 0 0 $ 0